Oklahoma City Powers of Attorney Lawyer
What Is the Importance of Power of Attorney?
Your power of attorney is part of your minimum estate plan (along with your will, and healthcare directives). Unless you have prepared a properly-written power of attorney, your family will likely face an expensive and difficult court proceeding if you became very sick.
Incapacity & Incompetency
Your family will often face very serious problems if you were physically injured (incapacitated) or began suffering a mental/emotional disability (incompetence). Sadly, the problems resulting from incapacity or incompetency are sometimes worse than those that would arise if that person died.
This is because if you were to die, your family can often settle your estate relatively fast. But, if you became incapacitated/incompetent, the problems persist for as long as you are sick. A long-term illness could result in problems that last for years.
What kind of problems? Well, your family, even your spouse, in most cases, cannot automatically take care of your financial affairs, or make certain medical decisions on your behalf. Many people wrongly assume that family members have authorities and powers that the law doesn’t actually provide.
As discussed above, your spouse cannot sell/refinance your interest in your home (or any real estate) during your illness, even if the title is held in both of your names.
This problem also occurs regarding any other items solely in your name, such as:
- Stocks and other investments
- Retirement plans
- Life insurance
- And many others
What Is the Power of Attorney?
The power of attorney (“PoA”) allows you to give authority to handle your affairs to someone you trust if you ever got very sick. The person to whom you give this power has a misleading name: “attorney-in-fact”.
This name suggests that the person is a lawyer, which is usually not the case. In general, an “attorney” is someone appointed to act for another in business or legal matters.
In the PoA the attorney-in-fact need not be (and usually isn’t) an “attorney-at-law” (a lawyer). Instead, the attorney-in-fact (the “AiF”) takes care of certain tasks for another person (called the “principal”).
The principal makes the PoA and gives the AiF power to act on behalf of the principal. The AiF acts as sort of a stand-in for the Principal.
"I highly recommend David McBride. He will listen to you."I first met David when he was with his elderly father. I noticed how kind he was to his dad. I also noticed that David made sure his dad’s opinions were listened to and validated. I thought, “I like this guy. He is a good man.” Then I found out David was an attorney. I have not lived in the OKC/Edmond area for very long, and I didn’t know any attorneys. However, I needed one. Isn’t it funny how the universe places the right people in your path at the right time? I had co-signed my daughter’s mortgage. She became unable to pay her monthly payment and was too embarrassed to let me know. It was at that point I should have got legal counsel, but I didn’t. Things progressed without her or me doing anything right in this situation. The house went up for Sheriff’s sale. I was afraid I was going to end up owing a lot of money. However, David worked everything out to a happy ending. I highly recommend David McBride. He will listen to you. He will explain things in terms you can understand. He will give you all the options to consider. He is fair in his billing. I recommend David McBride.- Shelley
"If I ever need additional legal assistance, David McBride will be the first attorney I turn to."David McBride is an excellent attorney. I cannot thank him enough for putting me at ease and for resolving my legal problems.On occasion when I needed to contact him and he was not available, his staff were amazingly helpful, and David promptly followed up with me even though his staff had already addressed my concerns. If I ever need additional legal assistance, David McBride will be the first attorney I turn to.- Leslie
"McBride & Associates has a wonderful group of knowledgeable attorneys and the staff is very friendly and helpful."McBride & Associates has a wonderful group of knowledgeable attorneys and the staff is very friendly and helpful. They did a great job handling our legal matters.- E.S.
"Great group of professionals."From the receptionist to the completion... Great group of professionals that "listen to your story and design a plan to meet your needs!"- Sherilynn
"David has been great to me and my family."David has been great to me and my family. We have used his services since 2005. He has helped us with Trusts and LLC's. He put our business into a series LLC before most attorney's even knew what a series LLC was. Thanks for all your help!- Mike
"We cannot thank you enough, David McBride."My wife and I have a "blended" family. We reached out to McBride and Associates to build an estate plan that would benefit our entire family and be "fair" to all parties...that sounds dry and hum-drum...but we wanted to be able to take out all of the drama and mystery of dividing up our estate after our (very much hopefully in the distant future) death. Their team put together a plan that works for everyone. We can not thank you enough, David McBride.- Robert
"I have had nothing but excellent experiences with the law firm of McBride & Associates."I have had nothing but excellent experiences with the law firm of McBride & Associates. McBride & Associates has helped my family and extended family with many legal situations including estate planning, an auto accident, and dealing with prior creditors. I have known David McBride for years and he is very knowledgeable and not only a great attorney but someone who truly cares. I never would want anyone else representing me but David and his staff!- Darrell
"THANK YOU McBride & Assoc !!! :)"Not only is the entire "family" of McBride & Associates professional, they are outstandingly friendly. They complement one another, working amazingly well together to exceed all of my legal needs and inquiries in a very timely manner. Highly recommended. THANK YOU McBride & Assoc !!! :)- Douglas
Here are a few important points to remember:
- The AiF only has the specific powers provided in the Power of Attorney document.
- PoAs must be carefully written to comply with Oklahoma law.
- Powers of attorney stop working if the principal becomes incapacitated/incompetent unless it includes a special language.
- All powers of attorney terminate when the principal dies.
There are many types of PoAs. Some are short-lived, others are intended to last a lifetime.
Some deal only with business matters:
- Paying bills
- Filing tax returns, etc.
Others deal with personal matters such as medical decisions.
Get Started on Your Power of Attorney Today
In the world of estate planning, PoAs are absolutely crucial for meeting your needs. Sadly, many family members find out too late that their loved one tried to make a PoA, but did so incorrectly. Forms sold in kits or found on the internet are often painfully inadequate.
Avoid risking your family’s well-being – expend a little additional time and money and have this important estate planning tool prepared by one of our Oklahoma City estate planning lawyers today.